reports
- Martin Hall
International Biotechnology Trust (IBT): Industry M&A remains a key dr...
IBT was established in 1994 to provide institutional and retail investors with the opportunity to participate in global biotechnology and life science companies, from venture-stage early drug discovery via venture capital funds (SV Health Investors) through to global, multinational biotechnology companies. The trust’s main aim is to generate capital growth, while minimising risk, through a diversified portfolio and an experienced investment team. Over the past five years, IBT’s NAV per share has...
Hardman & Co Research on International Biotechnology Trust (IBT): Indu...
Hardman & Co Research Hardman & Co Research on International Biotechnology Trust (IBT): Industry M&A remains a key driver 10-Jul-2023 / 10:40 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on International Biotechnology Trust (IBT): Industry M&A remains a key driver IBT was established in 1994 to provide institutional and retail investors with the opportunity to participate in global biotechnology and life science companies, from venture-stage early drug discovery via venture capital funds (SV Health Investors) through t...
- Brian Moretta
- Mark Thomas
- Martin Hall
- Riccardo Bindi
Hardman & Co Monthly: April 2023
Feature article: 2022 Pharma Statistics - 8.7% growth – but worrying signs An efficient reporting system has seen all the listed multinational pharmaceutical companies announcing results for 2022, which has given us the opportunity to update our industry statistics and drug database. This report provides the first snapshot of the global and US rankings of the top 20 drug companies for 2022. 2022 was characterised by 8.7% underlying growth, offset by a large forex impact (-12%), due to USD stren...
INCY INCYTE CORP
IPN IPSEN SA
NOVN NOVARTIS AG
VRTX VERTEX PHARMACEUTICALS INCORPORATED
TEVA.N TEVA PHARMACEUTICAL INDUSTRIES LIMITED SPONSORED ADR
REGN REGENERON PHARMACEUTICALS INC.
LLY MERCK & CO. INC.
JNJ ELI LILLY AND COMPANY
J7Z JOHNSON & JOHNSON
HZNP JAZZ PHARMACEUTICALS PUBLIC LIMITED COMPANY
GILD HORIZON THERAPEUTICS PUBLIC LIMITED COMPANY
BMY GILEAD SCIENCES INC.
BIIB BRISTOL-MYERS SQUIBB COMPANY
FEV BIOGEN INC.
IBT FIDELITY EUROPEAN VALUES PLC
FCSS INTERNATIONAL BIOTECHNOLOGY TRUST PLC
FSV FIDELITY CHINA SPECIAL SITUATIONS PLC
FJV FIDELITY SPECIAL VALUES PLC
FAS FIDELITY JAPAN TRUST
AVO FIDELITY ASIAN VALUES PLC
CLIG ADVANCED ONCOTHERAPY
MRK CITY OF LONDON INVESTMENT GROUP
NOVO B MERCK KGAA
novob NOVO NORDISK A/S CLASS B
RECI NOVO NORDISK
SAN REAL ESTATE CREDIT INVESTMENTS
UCB SANOFI
HIK UCB S.A.
PIN HIKMA PHARMACEUTICALS PLC
PFIZER PANTHEON INTERNATIONAL
4506 PFIZER
4523 SUMITOMO DAINIPPON PHARMA CO. LTD.
4507 EISAI CO. LTD.
4568 SHIONOGI & CO. LTD.
VTAS DAIICHI SANKYO COMPANY LIMITED
STX VOLTA FINANCE (GBP)
4502 SHIELD THERAPEUTICS
HAT TAKEDA PHARMACEUTICAL CO. LTD.
OCI H&T GROUP
4578 OAKLEY CAPITAL INVESTMENTS
APAX OTSUKA HOLDINGS CO. LTD.
4503 APAX GLOBAL ALPHA
ICGT ASTELLAS PHARMA INC.
UTHR ICG ENTERPRISE TRUST
PFE UNITED THERAPEUTICS CORPORATION
AZN PFIZER INC.
GLAXO ASTRAZENECA PLC
ABBV GLAXOSMITHKLINE PHARMACEUTICALS
VRX CN ASTELLAS PHARMA INC
MRNA ABBVIE INC.
TXG BAUSCH HEALTH COMPANIES INC.
NOVO MODERNA INC.
VTRS 10X GENOMICS INC CLASS A
4568.T NOVO NORDISK A/S-B
ME VIATRIS INC.
OCL DAIICHI SANKYO COMPANY
LUND A LIMITED
23ANDME HLDG CO
OAKLEY CAPITAL
H. LUNDBECK A/S
- Brian Moretta
- Mark Thomas
- Martin Hall
Hardman & Co Monthly: March 2023
Feature article: Higher interest rates overshadow IIC/REIF prospects We focus on the nine quoted infrastructure investment companies (IICs) and on the 22 renewable energy infrastructure funds (REIFs), most of which saw their share prices fall during 2022, while the FTSE 100 rose by just 0.9%. In our ‘Quoted UK Infrastructure and Renewable Energy – Prospects for 2023’ publication, we have addressed the three key issues of recent months – higher inflation, extremely volatile power prices and risin...
FEV FIDELITY EUROPEAN VALUES PLC
IBT INTERNATIONAL BIOTECHNOLOGY TRUST PLC
FCSS FIDELITY CHINA SPECIAL SITUATIONS PLC
ARBB ARBUTHNOT BANKING GROUP
FSV FIDELITY SPECIAL VALUES PLC
FJV FIDELITY JAPAN TRUST
FAS FIDELITY ASIAN VALUES PLC
AVO ADVANCED ONCOTHERAPY
RECI REAL ESTATE CREDIT INVESTMENTS
PIN PANTHEON INTERNATIONAL
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
OCI OAKLEY CAPITAL INVESTMENTS
APAX APAX GLOBAL ALPHA
ICGT ICG ENTERPRISE TRUST
- Brian Moretta
- Mark Thomas
- Martin Hall
Hardman & Co Monthly: February 2023
Feature article: Asset manager valuations Asset managers had a poor 2022: the S&P Composite 1500 Asset Management Index was down 22% and, according to the Investment Company Institute (ICI), worldwide mutual funds fell by 20%, from $76tr to $60tr. When bond and equity markets fall, the results are unlikely to be pretty: with revenues trending down and multiples contracting, there is a double whammy to contend with. So how do valuations shape up now, after a bullish start to the new year?
FEV FIDELITY EUROPEAN VALUES PLC
SCE SURFACE TRANSFORMS PLC
IBT INTERNATIONAL BIOTECHNOLOGY TRUST PLC
FCSS FIDELITY CHINA SPECIAL SITUATIONS PLC
ARBB ARBUTHNOT BANKING GROUP
FSV FIDELITY SPECIAL VALUES PLC
FJV FIDELITY JAPAN TRUST
FAS FIDELITY ASIAN VALUES PLC
AVO ADVANCED ONCOTHERAPY
CLIG CITY OF LONDON INVESTMENT GROUP
RECI REAL ESTATE CREDIT INVESTMENTS
PIN PANTHEON INTERNATIONAL
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
OCI OAKLEY CAPITAL INVESTMENTS
APAX APAX GLOBAL ALPHA
ICGT ICG ENTERPRISE TRUST
OCL OAKLEY CAPITAL
- Brian Moretta
- Mark Thomas
- Martin Hall
- Mike Foster
Hardman & Co Monthly: January 2023
Feature article: Hardman & Co Healthcare Index - Review of 2022 The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets. Many of the 53 constituents of the index are high-risk, still being in the development stage, with micro-capitalisations and a long way from sal...
FEV FIDELITY EUROPEAN VALUES PLC
SCE SURFACE TRANSFORMS PLC
IBT INTERNATIONAL BIOTECHNOLOGY TRUST PLC
FCSS FIDELITY CHINA SPECIAL SITUATIONS PLC
ARBB ARBUTHNOT BANKING GROUP
FSV FIDELITY SPECIAL VALUES PLC
FJV FIDELITY JAPAN TRUST
FAS FIDELITY ASIAN VALUES PLC
AVO ADVANCED ONCOTHERAPY
RECI REAL ESTATE CREDIT INVESTMENTS
PIN PANTHEON INTERNATIONAL
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
OCI OAKLEY CAPITAL INVESTMENTS
ICGT ICG ENTERPRISE TRUST
- Martin Hall
International Biotechnology Trust (IBT): Low FDA activity may drive fu...
IBT was established in 1994 to provide institutional and retail investors with the opportunity to participate in global biotechnology and life science companies, from venture-stage early drug discovery via venture capital funds (SV Health Investors) through to global, multinational biotechnology companies. The trust’s main aim is to generate capital growth, while minimising risk, through a diversified portfolio and an experienced investment team. Over the last five years, IBT’s NAV per share has...
Hardman & Co Research on International Biotechnology Trust (IBT): Low ...
Hardman & Co Research Hardman & Co Research on International Biotechnology Trust (IBT): Low FDA activity may drive further M&A 08-Dec-2022 / 07:47 GMT/BST Hardman & Co Research on International Biotechnology Trust (IBT): Low FDA activity may drive further M&A IBT was established in 1994 to provide institutional and retail investors with the opportunity to participate in global biotechnology and life science companies, from venture-stage early drug discovery via venture capital funds (SV Health Investors) through to global, multinational biotechnology companies. The trust’s mai...
- Keith Hiscock
The Hardman & Co Monthly: November 2022
Feature article: A different kind of beat: Boyzone, 1996 Quoted company engagement with retail investors – a new world This month's feature article has been written in collaboration with The Quoted Companies Alliance. Introduction: Retail investors used to be the second-class citizens of the stock market. The bulk of their money was held in funds or pension schemes where a professional took all the decisions and where they owned only a tiny part of the equity market directly. They also tended ...
FEV FIDELITY EUROPEAN VALUES PLC
IBT INTERNATIONAL BIOTECHNOLOGY TRUST PLC
FCSS FIDELITY CHINA SPECIAL SITUATIONS PLC
ARBB ARBUTHNOT BANKING GROUP
FSV FIDELITY SPECIAL VALUES PLC
FJV FIDELITY JAPAN TRUST
FAS FIDELITY ASIAN VALUES PLC
AVO ADVANCED ONCOTHERAPY
RECI REAL ESTATE CREDIT INVESTMENTS
APP APPRECIATE GROUP
PIN PANTHEON INTERNATIONAL
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
OCI OAKLEY CAPITAL INVESTMENTS
ICGT ICG ENTERPRISE TRUST
OCL OAKLEY CAPITAL
- Brian Moretta
- Mark Thomas
- Martin Hall
- Mike Foster
- Nigel Hawkins
- Stephen Clapham
The Hardman & Co Monthly: October 2022
Feature article: A glass half-empty view of markets - The 20s harder than the last decade This month’s feature article is written by Steve Clapham, who gives his view on the outlook for markets. He sets out one side of the current debate in markets. Steve is admirably experienced to express an opinion. Steve is the founder of Behind the Balance Sheet, an investor training consultancy. He qualified as a chartered accountant before moving into investment banking as an analyst in the 1980s. In ...
FEV FIDELITY EUROPEAN VALUES PLC
IBT INTERNATIONAL BIOTECHNOLOGY TRUST PLC
FCSS FIDELITY CHINA SPECIAL SITUATIONS PLC
ARBB ARBUTHNOT BANKING GROUP
FSV FIDELITY SPECIAL VALUES PLC
FJV FIDELITY JAPAN TRUST
FAS FIDELITY ASIAN VALUES PLC
RECI REAL ESTATE CREDIT INVESTMENTS
APP APPRECIATE GROUP
PIN PANTHEON INTERNATIONAL
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
CSN CHESNARA PLC
OCI OAKLEY CAPITAL INVESTMENTS
ICGT ICG ENTERPRISE TRUST
SPA 1 SPATIAL
OCL OAKLEY CAPITAL
DNL DIURNAL
- Keith Hiscock
- Mark Thomas
- Martin Hall
- Mike Foster
The Hardman & Co Monthly: September 2022
Feature article: Macro issues dominate investor sentiment - Some basics for investors The big topics in the investment world at the moment seem to be macroeconomic. With that in mind, we thought it would be useful to revisit some of the basics of the terms being used in the current environment, and to remind investors of the things to look out for (indeed, many younger investors may not have come across some of these influences in their investing lifetime): • Recession does not affect ...
FEV FIDELITY EUROPEAN VALUES PLC
IBT INTERNATIONAL BIOTECHNOLOGY TRUST PLC
FCSS FIDELITY CHINA SPECIAL SITUATIONS PLC
ARBB ARBUTHNOT BANKING GROUP
FSV FIDELITY SPECIAL VALUES PLC
FJV FIDELITY JAPAN TRUST
FAS FIDELITY ASIAN VALUES PLC
AVO ADVANCED ONCOTHERAPY
RECI REAL ESTATE CREDIT INVESTMENTS
APP APPRECIATE GROUP
PANR PANTHEON RESOURCES
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
OCI OAKLEY CAPITAL INVESTMENTS
DNL DIURNAL GROUP
ICGT ICG ENTERPRISE TRUST
CIZ CIZZLE BIOTECHNOLOGY HLDGS PLC
OCL OAKLEY CAPITAL
- Brian Moretta
- Mark Thomas
- Martin Hall
- Mike Foster
- Nigel Hawkins
The Hardman & Co Monthly: August 2022
Feature article: Utility regulation – Changes afoot - Patching up a tainted model While the gas supply crisis – and its price implications – have dominated the UK price regulated sectors in recent months, other issues have arisen that have seriously tainted the price regulation system itself. Indeed, it is fair to ask whether it is ‘’fit for purpose’’. Back in 1984, price regulation, via an unsophisticated RPI-x formula, was introduced to prevent the privatised British Telecom (BT) from abusin...
FEV FIDELITY EUROPEAN VALUES PLC
IBT INTERNATIONAL BIOTECHNOLOGY TRUST PLC
FCSS FIDELITY CHINA SPECIAL SITUATIONS PLC
ARBB ARBUTHNOT BANKING GROUP
FJV FIDELITY JAPAN TRUST
FAS FIDELITY ASIAN VALUES PLC
CLIG CITY OF LONDON INVESTMENT GROUP
RECI REAL ESTATE CREDIT INVESTMENTS
APP APPRECIATE GROUP
PANR PANTHEON RESOURCES
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
CSN CHESNARA PLC
OCI OAKLEY CAPITAL INVESTMENTS
DNL DIURNAL GROUP
PCA PALACE CAPITAL
ICGT ICG ENTERPRISE TRUST
BBGI BBGI GLOBAL INFRASTRUCTURE
CIZ CIZZLE BIOTECHNOLOGY HLDGS PLC
OCL OAKLEY CAPITAL
- Martin Hall
International Biotechnology Trust (IBT) - M&A activity on the rise
IBT was established in 1994 to provide institutional and retail investors with the opportunity to participate in global biotechnology and life science companies, from venture-stage development via venture capital (SV Health Investors) funds through to global, multinational biotechnology companies. The main aim of the trust is to generate capital growth, while minimising risk, through a diversified portfolio and an experienced investment team. Over the last five years, IBT’s NAV per share has inc...
Hardman & Co Research: International Biotechnology Trust (IBT) - M&A a...
Hardman & Co Research Hardman & Co Research: International Biotechnology Trust (IBT) - M&A activity on the rise 30-Jun-2022 / 07:15 GMT/BST Hardman & Co Research: International Biotechnology Trust (IBT): M&A activity on the rise IBT was established in 1994 to provide institutional and retail investors with the opportunity to participate in global biotechnology and life science companies, from venture-stage development via venture capital (SV Health Investors) funds through to global, multinational biotechnology companies. The main aim of the trust is to generate capital growth, w...
- Brian Moretta
- Mark Thomas
- Martin Hall
- Mike Foster
- Nigel Hawkins
Hardman & Co Monthly: June 2021
In terms of environmental policy, the quest to cut carbon emissions dramatically and to achieve net zero remains high on the political agenda, although the war in Ukraine – and specifically the issue of gas supplies – may weaken these commitments. In any event, the environmental performance of China and the US – responsible, between them, for around one half of global emissions – will be key. In Asia, where ca.85% of energy consumption is currently being met by fossil fuels – there are ca.4.6b...
FEV FIDELITY EUROPEAN VALUES PLC
SCE SURFACE TRANSFORMS PLC
IBT INTERNATIONAL BIOTECHNOLOGY TRUST PLC
FCSS FIDELITY CHINA SPECIAL SITUATIONS PLC
ARBB ARBUTHNOT BANKING GROUP
FSV FIDELITY SPECIAL VALUES PLC
FJV FIDELITY JAPAN TRUST
FAS FIDELITY ASIAN VALUES PLC
AVO ADVANCED ONCOTHERAPY
RECI REAL ESTATE CREDIT INVESTMENTS
APP APPRECIATE GROUP
PANR PANTHEON RESOURCES
VTAS VOLTA FINANCE (GBP)
CSN CHESNARA PLC
OCI OAKLEY CAPITAL INVESTMENTS
DNL DIURNAL GROUP
PCA PALACE CAPITAL
ICGT ICG ENTERPRISE TRUST
BBGI BBGI GLOBAL INFRASTRUCTURE
OCL OAKLEY CAPITAL
International Biotechnology Trust: 1 director
A director at International Biotechnology Trust maiden bought 3,725 shares at 589p and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the l...
- Brian Moretta
- Keith Hiscock
- Mark Thomas
- Martin Hall
- Mike Foster
- Nigel Hawkins
- Yingheng Chen
The Hardman & Co Monthly: May 2022
Feature article: Latest ONS survey: steady as she goes…and ignore retail investors at your peril The ONS (Office for National Statistics) has been charting the beneficial ownership of UK-quoted companies periodically since the early 1960s. The latest paper was published in March 2022, and considers the data for December 2020. At December 2020, “Rest of the World” investors owned 56.3% of the market, a further growth since the last survey, while UK institutions’ ownership edged up to 31.6%. Re...
FEV FIDELITY EUROPEAN VALUES PLC
SCE SURFACE TRANSFORMS PLC
IBT INTERNATIONAL BIOTECHNOLOGY TRUST PLC
FCSS FIDELITY CHINA SPECIAL SITUATIONS PLC
ARBB ARBUTHNOT BANKING GROUP
FSV FIDELITY SPECIAL VALUES PLC
FJV FIDELITY JAPAN TRUST
FAS FIDELITY ASIAN VALUES PLC
AVO ADVANCED ONCOTHERAPY
CLIG CITY OF LONDON INVESTMENT GROUP
RECI REAL ESTATE CREDIT INVESTMENTS
PANR PANTHEON RESOURCES
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
OCI OAKLEY CAPITAL INVESTMENTS
DNL DIURNAL GROUP
PCA PALACE CAPITAL
ICGT ICG ENTERPRISE TRUST
BBGI BBGI GLOBAL INFRASTRUCTURE
OCL OAKLEY CAPITAL
- Brian Moretta
- Mark Thomas
- Martin Hall
- Mike Foster
- Nigel Hawkins
Hardman & Co Monthly: April 2022
An efficient reporting system has seen all the listed multinational pharmaceutical companies announcing results for 2021, which has given us the opportunity to update our industry statistics and drug database. This report provides the first snapshot of the global and US rankings of the top 20 drug companies for 2021. Comparisons are made with historical data to show how different company strategies have evolved. 2021 was characterised by a strong rebound in performance following the pandemic-aff...
IBT INTERNATIONAL BIOTECHNOLOGY TRUST PLC
FCSS FIDELITY CHINA SPECIAL SITUATIONS PLC
ARBB ARBUTHNOT BANKING GROUP
FSV FIDELITY SPECIAL VALUES PLC
FJV FIDELITY JAPAN TRUST
FAS FIDELITY ASIAN VALUES PLC
AVO ADVANCED ONCOTHERAPY
CLIG CITY OF LONDON INVESTMENT GROUP
RECI REAL ESTATE CREDIT INVESTMENTS
APP APPRECIATE GROUP
PANR PANTHEON RESOURCES
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
OCI OAKLEY CAPITAL INVESTMENTS
PCA PALACE CAPITAL
ICGT ICG ENTERPRISE TRUST
BBGI BBGI GLOBAL INFRASTRUCTURE
CIZ CIZZLE BIOTECHNOLOGY HLDGS PLC
OCL OAKLEY CAPITAL
- Brian Moretta
- Jason Streets
- Mark Thomas
- Martin Hall
- Mike Foster
- Nigel Hawkins
- Stephen Clapham
The Hardman & Co Monthly: March 2022
Feature article: Directors’ dealings - A legal way to do insider trading One of the first things that a junior analyst learns is to keep an eye on directors’ dealings, but sometimes this is more complicated than meets the eye. In this article, I look at some less obvious tricks to study directors’ dealings. It’s worth prefacing these remarks with a comment that, although investors want company CEOs and CFOs to have skin in the game, individuals shouldn’t have all their chips in one basket. It...
ARBB ARBUTHNOT BANKING GROUP
CLIG CITY OF LONDON INVESTMENT GROUP
RECI REAL ESTATE CREDIT INVESTMENTS
APP APPRECIATE GROUP
PANR PANTHEON RESOURCES
VTAS VOLTA FINANCE (GBP)
OCI OAKLEY CAPITAL INVESTMENTS
PCA PALACE CAPITAL
ICGT ICG ENTERPRISE TRUST
BBGI BBGI GLOBAL INFRASTRUCTURE
OCL OAKLEY CAPITAL
- Brian Moretta
- Derek Terrington
- Jason Streets
- Mark Thomas
- Martin Hall
- Mike Foster
- Nigel Hawkins
Hardman & Co Monthly: February 2022
Feature article: Streamers vs. broadcasters - Broadcasters fight back Streaming is the most disruptive force in video media. Globally, streamed video services continue to grow, led by the US majors, apparently at the expense of non-streamed and advertising-dependent broadcasters. Recent trading announcements by leading streamers and leading UK broadcasters point in two directions: streaming growth in the North American market is slowing, according to figures from Netflix and Disney, while UK p...
FEV FIDELITY EUROPEAN VALUES PLC
IBT INTERNATIONAL BIOTECHNOLOGY TRUST PLC
FCSS FIDELITY CHINA SPECIAL SITUATIONS PLC
ARBB ARBUTHNOT BANKING GROUP
FSV FIDELITY SPECIAL VALUES PLC
FJV FIDELITY JAPAN TRUST
FAS FIDELITY ASIAN VALUES PLC
CLIG CITY OF LONDON INVESTMENT GROUP
RECI REAL ESTATE CREDIT INVESTMENTS
APP APPRECIATE GROUP
PANR PANTHEON RESOURCES
VTAS VOLTA FINANCE (GBP)
OCI OAKLEY CAPITAL INVESTMENTS
DNL DIURNAL GROUP
PCA PALACE CAPITAL
FLTA FILTA GROUP HOLDINGS
BBGI BBGI GLOBAL INFRASTRUCTURE
OCL OAKLEY CAPITAL
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